It is fascinating to note how often the corporate reporting process stumbles at the last hurdle. Despite the considerable effort expended on managing data quality, improving collaboration and honing the financial consolidation process many of the hard won efficiency gains are frittered away because historic approaches to the process ignore the vital last step of final report creation.
Corporations are managed predominantly on the basis of the income statement. This claim is supported by the fact that target setting for budgets and forecasts is generally done on operating profit (or EBIT or EBITDA, if you like). It is in addition common practice to internally present the balance sheet according external reporting standards such as IFRS. This is not the most intuitive reporting layout; especially not for non-financial colleagues.